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INCOME TAX SLAB CHANGES
Grain trader deposited Rs 5.2 crore cash in bank, filed ITR declaring Rs 7.65 lakh income, got unexplained deposit income tax notice; won case in ITAT Delhi for this reasonWhen Mr Kumar, a grain trader from Rampur deposited Rs 5.2 crore cash in his bank account and filed an Income Tax Return (ITR) declaring Rs...- Rs 9.91 lakh income tax refund for senior citizen after proving that he mistakenly paid income tax on tax-free bonds; ITAT Delhi order explainedMr Ajay Kumar Bakaya a senior citizen from Gurgaon faced a significant tax issue when he accidentally overpaid income tax on his tax-free b...
- Man paid lower income tax by setting off business loss against long term capital gains but received income tax notice; wins case in ITAT DelhiMan pays lower income tax by setting off business loss with long term capital gains but gets income tax notice; Wins case in ITAT Delhi. IT...
- Could an IRS notice mean up to $1,000 for your retirement in 2027 and what do you need to do now to qualify for the new match?The IRS is mailing notices about a retirement benefit that will not start until 2027. The letter does not mean a $1,000 payment is coming n...
- Groom gets Rs 10 lakh cash and gold jewellery from wedding guests. Now he has to keep record of these gifts. But why?A wedding gift of ₹10 lakh in cash sounds like a reason to celebrate, but one woman's post about her cousin's gift has sparked a very diffe...
- My NRI status changed. Will interest earned on my NRE FDs be taxable in India?ET Wealth reader's query: I was an NRI until FY2024–25. After relocating to India, my residential status changed to ‘resident’ from FY2025–...
- Deadlines for income tax audit and ITR filing extended for AY 2026-2027 to these datesThe Central Government has extended the deadline for filing Income Tax Returns for the Assessment Year 2026-27. Taxpayers subject to audit ...
- Moving from UAE to India? 6-step financial homecoming guidebook to manage tax residency, bank accounts, Dubai property, and gratuityTax residency, bank accounts, Dubai property and gratuity all need sorting before and after you fly home.
- Hybrid funds are booming: Why some advisers prefer them while others remain cautiousTax efficiency and stability win some advisers over, but others fear giving up returns and control.
- Can you save tax by gifting money to your HUF? How Section 99 changes the tax equationMoney or property gifted by a member to an HUF may not be taxable in the HUF’s hands because of the “relative” exemption. But the tax conse...
- Fruit seller deposited large amount of cash in bank, got income tax notice of unexplained income; won case in ITAT Bangalore for this reasonIn Bangalore, Mr. Ramachandrababu found himself facing an income tax notice over unexplained cash deposits in his bank account. However, hi...
- Social Security could face a 22% benefit cut in 2032 - here are the changes being discussedSocial Security is approaching a funding gap projected to occur by 2032, necessitating Congressional intervention. Options under considerat...
- US citizen received Rs 30 lakh income tax demand notice in India, was denied India-US DTAA relief due to a mistake: Know how she won at ITAT DelhiRs 30 lakh income tax demand notice and India-US DTAA benefit denied to US citizen; she fights and wins case in ITAT Delhi; Know how
- CBDT eases TDS compliance for property buyers dealing with non-residentsThe Central Board of Direct Taxes is set to simplify TDS compliance requirements for residents buying property from non-residents. From Oct...
- States' revenue growth to accelerate 9-11% as GST collections rise 16% in first five months: CrisilRevenue growth for 18 major Indian states is projected to accelerate to 9–11% in fiscal 2027, taking combined revenues past ₹44 lakh crore,...
- Income Tax Rules 2026 amended: CBDT revises Form 169, Form 171; extends these deadlinesThe Central Board of Direct Taxes has rolled out significant amendments to income tax regulations for 2026, particularly affecting electron...
- CBDT removes arrest-related provisions under Rule 225; valuers face tighter disclosure norms as registration deadline extendedIncome tax recovery no longer includes arrest or prison detention. Other recovery methods like property attachment remain available to auth...
- 8 changes in income tax audit forms for AY 2026-2027; what taxpayers need to knowFor the assessment year 2026-2027, the deadline for income tax audits is set for September 30, 2026. Businesses utilizing presumptive taxat...
- Can NRIs save income tax by gifting shares to their resident parents? Know these tax rules before transferring sharesWhile giving shares to your parents who reside in your home country might appear as a thoughtful gesture, it has substantial tax considerat...
- Taxable income below Rs 12 lakh: Will you pay zero income tax if this income includes LTCG and STCG for Tax Year 2026-27?Indian residents and HUFs can use the basic exemption limit to lower capital gains tax. This provision under the Income Tax Act, 2025, rema...
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